15 Worst Performing NASDAQ Stocks In 2023

In this article, we discuss 15 worst performing NASDAQ stocks in 2023.

The tech rally so far in 2023 has fueled the momentum of the NASDAQ 100 Index, as it has recorded its best-ever performance in the first half of the year. The boom in artificial intelligence was a key component in spurring the tech rally. According to a report by Fortune, the companies in the NASDAQ 100 have collectively increased roughly $5 trillion in value since the beginning of this year, experiencing a notable 40% jump despite concerns about a potential bubble. This remarkable performance of the tech-heavy index has also given rise to a 16% climb in the S&P 500 index in 2023. Moreover, within the NASDAQ 100, the mega-cap companies have posted even more significant gains, skyrocketing about 74%. Interestingly, historical data analysis by Bloomberg demonstrates that years which start with stock market rallies of at least 10% tend to have an average return of about 14% over the second half of the year. However, this average return diminishes to 8.3% when the first-half gain exceeds 20%.

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Larry Adam, chief investment officer at investment firm Raymond James, told Bloomberg Television in the beginning of July: 

“I still do like big tech. I do believe in technology continuing to reinvent itself — obviously with the latest addition being AI. That’ll continue to drive earnings.”

As per Sundeep Gantori, equity strategist at UBS Global Wealth Management: 

“We don’t believe the AI trend is a bubble, but advise investors to be selective on AI-related stocks after the strong year-to-date rally. From a positioning point of view, we recently closed our self-help theme as we see better risk-reward in mid-cycle industries (software, internet) and tech laggards.”

Large-cap and growth stocks prominently outperformed small caps and value stocks in the first half of 2023. The NASDAQ 100 Index achieved its best-ever first half performance, surging by 39.4% since its inception in 1985. It also outpaced the S&P 500, Russell 2000, and Dow Jones Industrials by significant margins. This exceptional performance raised concerns regarding narrow leadership and poor market breadth. However, in June, market breadth improved as the Dow Jones Industrials, S&P 500, and S&P 500 equal-weight indices posted their top monthly performances in 2023.

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The dynamic between interest rates and the NASDAQ’s performance has been intriguing over the years. In certain instances, like in 1995 and 1998, significant cuts in interest rates led to the index reaching record highs. On the contrary, in 1987, rising interest rates resulted in a sharp decline in NASDAQ stock performance. However, despite rising interest rates in 2021, the tech sector, which is typically sensitive to rate fluctuations, performed well in the first half of the year. After the NASDAQ’s explosive growth in H12023, investors are now wondering what comes next. 

Despite the strong performance of major tech stocks propelling the NASDAQ ahead of other benchmarks this year, companies like Enphase Energy, Inc. (NASDAQ:ENPH), DISH Network Corporation (NASDAQ:DISH), and JD.com, Inc. (NASDAQ:JD) have experienced significant declines, making them the worst-performing NASDAQ stocks of 2023.

Our Methodology 

We used a stock screener and filtered out stocks listed on the NASDAQ exchange with market caps above $2 billion as of July 30. We did this to eliminate extremely small companies which have volatile performance and are not an appropriate indicator of the NASDAQ performance overall. Then, we sorted the stocks in the descending order of their year-to-date share price performance. From the resulting dataset, we selected the NASDAQ stocks with the highest YTD share price declines as of July 30. The following stocks are arranged in the ascending order of their share price performance. 

Photo by Pascal Bernardon on Unsplash

Worst Performing NASDAQ Stocks In 2023

15. BioNTech SE (NASDAQ:BNTX)

Number of Hedge Fund Holders: 22

YTD Share Price Decline as of July 30: 27.74%

BioNTech SE (NASDAQ:BNTX) is a biotechnology firm that specializes in the development and marketing of immunotherapies designed to treat cancer and other infectious diseases. On May 8, BioNTech SE (NASDAQ:BNTX) reported a Q1 GAAP EPS of €2.05, beating market consensus by €1.35. The revenue declined approximately 80% year-over-year to €1.3 billion, but exceeded Wall Street estimates by €210 million. BioNTech SE (NASDAQ:BNTX) also reaffirmed its revenue guidance for the COVID-19 vaccine, expecting to generate around €5 billion in 2023.

According to Insider Monkey’s first quarter database, 22 hedge funds were bullish on BioNTech SE (NASDAQ:BNTX), down from 34 funds in the last quarter. Thomas Steyer’s Farallon Capital is the largest stakeholder of the company, with 137,644 worth over $17 million. 

In addition to Enphase Energy, Inc. (NASDAQ:ENPH), DISH Network Corporation (NASDAQ:DISH), and JD.com, Inc. (NASDAQ:JD), BioNTech SE (NASDAQ:BNTX) is one of the worst performing NASDAQ stocks of 2023. 

ClearBridge Value Equity Strategy made the following comment about BioNTech SE (NASDAQ:BNTX) in its first quarter 2023 investor letter:

“In another example, one of the lowest correlating stocks in the portfolio is new holding BioNTech SE (NASDAQ:BNTX), a biotechnology company developing immunotherapies for cancer and other infectious diseases. A very attractive element of any drug stock is that it has idiosyncratic drivers that protect the portfolio from macro shocks and that lower portfolio correlation. In the case of BioNTech, the stock is undervalued due to material drops in its COVID-19 revenues. However, the company has accumulated almost $20 billion in cash and is using its research platform in mRNA and immunology to pursue lucrative opportunities in immuno-oncology and other major disease areas. This massive cash balance curtails our downside, while offering incredibly attractive optionality on the upside.”

14. Olaplex Holdings, Inc. (NASDAQ:OLPX)

Number of Hedge Fund Holders: 15

YTD Share Price Decline as of July 30: 28.38%

Olaplex Holdings, Inc. (NASDAQ:OLPX) specializes in hair care products. The company develops, manufactures, and sells shampoos, conditioners, and nourishing hair serums. These products are designed for treating, maintaining, and protecting hair. Olaplex Holdings, Inc. (NASDAQ:OLPX) is one of the worst performing NASDAQ stocks in 2023, with shares down about 28% year-to-date as of July 30. 

On May 9, Olaplex Holdings, Inc. (NASDAQ:OLPX) reported a Q1 non-GAAP EPS of $0.05 and a revenue of $113.8 million, beating Wall Street expectations by $0.01 and $3.61 million, respectively. However, revenue for Q1 2023 dropped about 39% compared to the prior-year quarter. The company experienced a decrease of over 40% in adjusted gross profits. Additionally, Olaplex Holdings, Inc. (NASDAQ:OLPX) observed a contraction of 650 basis points in gross margins compared to Q1 2022 due to greater headwinds and lower customer demand.

According to Insider Monkey’s first quarter database, 15 hedge funds were bullish on Olaplex Holdings, Inc. (NASDAQ:OLPX), compared to 17 funds in the prior quarter. Cliff Asness’ AQR Capital Management is the leading position holder in the company. 

Polen U.S. Small Company made the following comment about Olaplex Holdings, Inc. (NASDAQ:OLPX) in its Q1 2023 investor letter:

“We exited three positions during the quarter: Duck Creek Technologies, Azenta, and Olaplex Holdings, Inc. (NASDAQ:OLPX). We believe Olaplex highlights our willingness to change our mind when information changes, even with a new position. Olaplex is a highly profitable and uniquely positioned prestige beauty brand focused on science-based hair care. When we first invested in Olaplex in the fourth quarter of last year, it was on the back of the stock re-rating lower as revenue growth decelerated from rapid growth to a more sustainable growth rate. We felt this re-rating represented a significant discount on the stock’s long-term potential. In the short time since we became owners, a tail risk emerged related to a claim that the products cause hair loss and damage. At worst, this presents an existential threat to the business and, in the best-case scenario, makes everything that they are trying to do today a lot harder. No longer comfortable with the significantly widened range of potential outcomes, we eliminated the position as we have investment alternatives of equal or better reward today with meaningfully less risk. While it is unusual for us to exit positions so quickly, sometimes this is necessary. Not only is it important to be open to changing one’s mind quickly as new risks emerge—it is essential to protecting and preserving our clients’ capital.”

13. JD.com, Inc. (NASDAQ:JD)

Number of Hedge Fund Holders: 59

YTD Share Price Decline as of July 30: 29.68%

JD.com, Inc. (NASDAQ:JD), a Chinese provider of supply chain-based technologies and e-commerce, ranks 13th on our list of the worst performing NASDAQ stocks in 2023. On May 11, JD.com, Inc. (NASDAQ:JD) reported a Q1 non-GAAP EPADS of $0.69 and a revenue of $35.4 billion, topping Wall Street estimates by $0.19 and $560 million, respectively. For the first quarter of 2023, there was a 56.6% year-over-year increase in the non-GAAP EBITDA, which came in at $1.4 billion.

According to Insider Monkey’s first quarter database, 59 hedge funds were bullish on JD.com, Inc. (NASDAQ:JD), compared to 64 funds in the prior quarter. Chase Coleman’s Tiger Global Management is the largest stakeholder of the company, with 24 million shares worth $1.05 billion. 

Baron Emerging Markets Fund made the following comment about JD.com, Inc. (NASDAQ:JD) in its first quarter 2023 investor letter:

“JD.com, Inc. (NASDAQ:JD) is one of the three largest e-commerce platforms in China. Shares declined after the company reported a slowdown in fourth quarter sales and commented that deliberate culling of unprofitable SKUs would also be a drag on headline revenue growth in the first half of 2023. We believe the slowdown was driven by the peak in Chinese COVID lockdowns, which have since ended, and the elimination or reduction of unprofitable business is better for long-term margins and returns on capital. We remain investors.”

12. Bilibili Inc. (NASDAQ:BILI)

Number of Hedge Fund Holders: 16

YTD Share Price Decline as of July 30: 30.85%

Bilibili Inc. (NASDAQ:BILI) offers online entertainment services. The company’s platform provides videos, mobile games, and ACG-related comic and audio content. The video services offered encompass professional user-generated videos, occupationally generated videos, and live broadcasting. Bilibili Inc. (NASDAQ:BILI) is one of the worst performing NASDAQ stocks this year, with shares down about 31% year-to-date as of July 30. 

On July 27, J.P. Morgan downgraded Bilibili Inc. (NASDAQ:BILI) from Overweight to Underweight and suggested a pair trade involving going long on iQIYI and shorting Bilibili Inc. (NASDAQ:BILI). According to the firm, iQIYI is currently trading at a lower valuation compared to Bilibili Inc. (NASDAQ:BILI), and they anticipate the valuation gap to narrow due to their contrasting views on monetization outlook. 

According to Insider Monkey’s first quarter database, 16 hedge funds were long Bilibili Inc. (NASDAQ:BILI), compared to 15 funds in the earlier quarter. Jonathan Guo’s Yiheng Capital is the leading position holder in the company. 

Artisan Developing World Fund made the following comment about Bilibili Inc. (NASDAQ:BILI) in its second quarter 2023 investor letter:

“Bottom contributors to performance for the quarter included Chinese video streaming platform Bilibili Inc. (NASDAQ:BILI). Bilibili fell after reported gaming revenue decay in legacy titles and an underwhelming advertising recovery, though cost-cutting measures and balance sheet optimization have been visible.”

11. Frontier Communications Parent, Inc. (NASDAQ:FYBR)

Number of Hedge Fund Holders: 40

YTD Share Price Decline as of July 30: 31.76%

Frontier Communications Parent, Inc. (NASDAQ:FYBR) provides communication and technology services. The company’s offerings include data and Internet services, voice communication, video services, and other related services. Frontier Communications Parent, Inc. (NASDAQ:FYBR) shares have plummeted about 32% year-to-date as of July 30, making it one of the worst performing NASDAQ stocks. On May 5, Frontier Communications Parent, Inc. (NASDAQ:FYBR) reported a Q1 GAAP EPS of $0.01, missing Wall Street estimates by $0.08. On the other hand, the revenue of $1.44 billion outperformed market consensus by $10 million. 

According to Insider Monkey’s first quarter database, Frontier Communications Parent, Inc. (NASDAQ:FYBR) was part of 40 hedge fund portfolios, compared to 35 in the prior quarter. 

10. Thoughtworks Holding, Inc. (NASDAQ:TWKS)

Number of Hedge Fund Holders: 14

YTD Share Price Decline as of July 30: 32.77%

Thoughtworks Holding, Inc. (NASDAQ:TWKS) is a technology consultancy company that provides strategy, design, and software engineering to help enterprises and technology disruptors succeed as modern digital businesses. Thoughtworks Holding, Inc. (NASDAQ:TWKS) stock has declined nearly 33% year-to-date as of July 30, making it one of the worst performing NASDAQ stocks in 2023. 

On May 9, Thoughtworks Holding, Inc. (NASDAQ:TWKS) reported a Q1 non-GAAP EPS of $0.03, falling short of Wall Street estimates by $0.01. The revenue of $307.06 million fell 4.3% year-over-year but outperformed market consensus by $2.94 million. 

According to Insider Monkey’s first quarter database, 14 hedge funds were bullish on Thoughtworks Holding, Inc. (NASDAQ:TWKS), up from 9 funds in the prior quarter. Phill Gross and Robert Atchinson’s Adage Capital Management is the largest stakeholder of the company, with 1.55 million shares worth $11.40 million. 

9. Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY)

Number of Hedge Fund Holders: 27

YTD Share Price Decline as of July 30: 33.52%

Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY) is a pharmaceutical company in the United States that specializes in developing and selling therapies for patients with rare neurological diseases. On May 2, Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY) reported a Q1 non-GAAP EPS of $0.66 and a revenue of $119.13 million, outperforming Wall Street estimates by $0.10 and $2.94 million, respectively. However, the shares have declined 33.5% year-to-date as of July 30, making Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY) one of the worst performing NASDAQ stocks this year. 

According to Insider Monkey’s first quarter database, 27 hedge funds were bullish on Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY), compared to 26 funds in the prior quarter. Albert Cha and Frank Kung’s Vivo Capital is the largest stakeholder of the company, with 2.60 million shares worth $85 million. 

8. Moderna, Inc. (NASDAQ:MRNA)

Number of Hedge Fund Holders: 40

YTD Share Price Decline as of July 30: 33.71%

Moderna, Inc. (NASDAQ:MRNA) share price has dropped 33.71% year-to-date as of July 30, which merits its inclusion on our list of the worst performing NASDAQ stocks in 2023. On May 4, Moderna, Inc. (NASDAQ:MRNA) posted a Q1 GAAP EPS of $0.19, beating market consensus by $1.94. However, the revenue dropped nearly 69% year-over-year to $1.9 billion, but exceeded Wall Street estimates by $730 million. 

According to Insider Monkey’s first quarter database, 40 hedge funds were bullish on Moderna, Inc. (NASDAQ:MRNA), down from 52 funds in the prior quarter. Philippe Laffont’s Coatue Management is the largest stakeholder of the company, with 6.5 million shares worth $1 billion.

Baron Health Care Fund made the following comment about Moderna, Inc. (NASDAQ:MRNA) in its Q1 2023 investor letter:

“Moderna, Inc. (NASDAQ:MRNA) is a leader in the emerging field of mRNA-based vaccines and therapeutics and was one of the three main producers of the COVID vaccine. Shares fell during the quarter. We believe as COVID shifts away from pandemic status and becomes an increasingly commercial market (rather than government funded), there is increasing investor uncertainty around what a booster market could look like, which is pressuring shares. Looking beyond COVID, we think Moderna has the potential to disrupt the biopharmaceutical industry, from infectious disease vaccines to oncology, and we remain shareholders.”

7. Icahn Enterprises L.P. (NASDAQ:IEP)

Number of Hedge Fund Holders: 3

YTD Share Price Decline as of July 30: 34.80%

Icahn Enterprises L.P. (NASDAQ:IEP) is involved in a diverse range of businesses, including investment, energy, automotive, food packaging, real estate, home fashion, and pharmaceuticals in the United States and internationally. Icahn Enterprises L.P. (NASDAQ:IEP) is one of the worst performing NASDAQ stocks in 2023 based on stock performance year-to-date. On May 10, the company reported a Q1 GAAP loss per share of $0.75 and a revenue of $2.64 billion. Revenue for Q1 2023 dropped 35.5% compared to the prior-year quarter. 

According to Insider Monkey’s first quarter database, Murray Stahl’s Horizon Asset Management is the largest stakeholder of the company, with 427,694 shares worth $22.1 million. 

Here is what CrossingBridge Advisors has to say about Icahn Enterprises L.P. (NASDAQ:IEP) in its Q3 2022 investor letter:

“Icahn Enterprises LP, headed by investor Carl Icahn, is a diversified holding company with interests in investments, energy, automotive, food packaging, real estate, home fashion and pharmaceuticals. The investment segment derives revenues from gains and losses from investment transactions. Other operating segments, in most cases, are independently operated businesses obtained through a controlling interest.

As of 2Q22, Icahn Enterprises had Indicative Net Asset Value of $6.6 billion, consolidated debt of $7.1 billion and total liquidity, comprising cash, investment funds and revolving credit availability, of $7.2 billion. Moreover, as of the end of 3Q22, it had an equity market capitalization of $16.0 billion. Thus, we have no concern regarding credit quality. We have traded in and out of the IEP 4.75% senior unsecured bond, due September 2024, since it was issued in February 2020.

In 3Q22, amidst the downdraft in the high yield market, we were able to purchase these bonds at a yield to maturity over 8.20%, very attractive for a 2-year note with such strong credit quality. Purchased at a discount, the bond would have an even higher annualized total return were the company to redeem it prior to September 15, 2023, when it becomes a current obligation. We expect to continue adding to this position opportunistically.”

6. Apellis Pharmaceuticals, Inc. (NASDAQ:APLS)

Number of Hedge Fund Holders: 42

YTD Share Price Decline as of July 30: 36.32%

Apellis Pharmaceuticals, Inc. (NASDAQ:APLS) is a commercial-stage biopharmaceutical company that specializes in discovering, developing, and selling therapeutic compounds that work by inhibiting the complement system to treat autoimmune and inflammatory diseases. On July 31, Apellis Pharmaceuticals, Inc. (NASDAQ:APLS) reported a Q2 GAAP loss per share of $1.02 and a revenue of $94.9 million, outperforming Wall Street consensus by $0.30 and $23.78 million, respectively. 

According to Insider Monkey’s first quarter database, Apellis Pharmaceuticals, Inc. (NASDAQ:APLS) was part of 42 hedge fund portfolios, compared to 38 in the prior quarter. Kurt Von Emster’s VenBio Select Advisor is the largest stakeholder of the company, with 11.1 million shares worth $732.8 million. 

Like Enphase Energy, Inc. (NASDAQ:ENPH), DISH Network Corporation (NASDAQ:DISH), and JD.com, Inc. (NASDAQ:JD), Apellis Pharmaceuticals, Inc. (NASDAQ:APLS) is one of the worst performing NASDAQ constituents in 2023. 

5. Concentrix Corporation (NASDAQ:CNXC)

Number of Hedge Fund Holders: 24

YTD Share Price Decline as of July 30: 37.20%

Concentrix Corporation (NASDAQ:CNXC) is a worldwide provider of technology-led customer experience (CX) solutions. The company offers CX process optimization, technology innovation, front- and back-office automation, analytics, and business transformation services. As of July 30, Concentrix Corporation (NASDAQ:CNXC) stock has dropped 37.2% year-to-date, which merits its inclusion on our list of the worst performing NASDAQ stocks in 2023. 

On June 28, Concentrix Corporation (NASDAQ:CNXC) declared a quarterly dividend of $0.275 per share, in line with previous. The dividend is payable on August 8, to shareholders of record on July 28. 

According to Insider Monkey’s first quarter database, 24 hedge funds were bullish on Concentrix Corporation (NASDAQ:CNXC), compared to 25 funds in the prior quarter. Lauren Taylor Wolfe’s Impactive Capital is the leading stakeholder of the company, with 1.65 million shares worth $200.6 million. 

FPA made the following comment about Concentrix Corporation (NASDAQ:CNXC) in its Q3 2022 investor letter:

“Concentrix Corporation (NASDAQ:CNXC) is a customer experience solutions provider that has expanded from call centers to a wider suite of customer engagement products and solutions. We followed the company for years as part of Synnex (it was spun out in December 2020) and have always been impressed with its consistent growth, customer wins and product expansions. The share price nearly doubled in 2021 following the spin and we believe that this year’s reversal is a response to moderating growth and a valuation that got ahead of itself.”

4. Enphase Energy, Inc. (NASDAQ:ENPH)

Number of Hedge Fund Holders: 55

YTD Share Price Decline as of July 30: 39.07%

Enphase Energy, Inc. (NASDAQ:ENPH), an American provider of home energy solutions for the solar photovoltaic industry, ranks 4th on our list of the worst performing NASDAQ stocks in 2023. On July 28, Enphase Energy, Inc. (NASDAQ:ENPH) experienced a 10.2% drop in early trading after failing to meet Q2 revenue expectations and providing disappointing guidance for Q3 revenues. Following this, Deutsche Bank downgraded Enphase Energy, Inc. (NASDAQ:ENPH) from Buy to Hold and adjusted their price target from $200 to $165, citing increased caution about the company’s growth prospects over the next 6-12 months.

According to Insider Monkey’s first quarter database, 55 hedge funds held stakes in Enphase Energy, Inc. (NASDAQ:ENPH), down from 63 funds in the prior quarter. Philippe Laffont’s Coatue Management is a prominent stakeholder of the company, with 714,442 shares worth $150.2 million. 

Here is what Aristotle Atlantic Large Cap Growth Strategy had to say about Enphase Energy, Inc. (NASDAQ:ENPH) in its investor letter for the first quarter of 2023:

“Enphase Energy, Inc. (NASDAQ:ENPH) designs, develops, manufactures and sells home energy solutions in the U.S. and internationally for the solar industry. The company is the world’s leading manufacturer of microinverters that convert solar-generated D.C. energy to A.C. energy usable in homes and buildings. Enphase introduced the world’s first microinverter system in 2008 and has expanded its offerings to include battery storage systems and proprietary technologies that provide energy monitoring and control services for solar energy systems. It sells its products and solutions directly to solar system distributors, large installers and strategic partners.

We see Enphase having a substantial market share that is gained through a premium product offering, superior customer service and the development of a large and diverse network of solar installers and distributors. The company’s products and services address a growing residential solar market. Coupling battery backup systems with existing and newly installed residential solar systems could accelerate the company’s revenue and earnings growth over the next several years, in our view. Additionally, commercial and international expansion offer additional revenue and earnings upside. Enphase also plans to expand manufacturing capacity in the U.S. during 2023 to benefit from tax incentives related to domestic production included in the Inflation Reduction Act (IRA).”

3. GDS Holdings Limited (NASDAQ:GDS)

Number of Hedge Fund Holders: 22

YTD Share Price Decline as of July 30: 42.97%

GDS Holdings Limited (NASDAQ:GDS) is a company in China that develops and operates data centers. The company offers colocation services, managed hosting services, managed cloud services, and consulting services. GDS Holdings Limited (NASDAQ:GDS) is one of the worst performing NASDAQ stocks in 2023. On May 25, the company reported a Q1 GAAP loss per share of $0.05, exceeding Wall Street estimates by $0.12. However, the revenue of $350.8 million fell short of market consensus by $11.81 million. 

According to Insider Monkey’s first quarter database, GDS Holdings Limited (NASDAQ:GDS) was part of 22 hedge fund portfolios, compared to 20 in the earlier quarter. Joel Ramin’s 12 West Capital Management is the largest stakeholder of the company, with 6.2 million shares worth $116 million. 

Here is what Baron Partners Fund has to say about GDS Holdings Limited (NASDAQ:GDS) in its Q4 2021 investor letter:

“The Fund’s Core Growth investments were negatively impacted by the market rotation to value-oriented businesses. Fundamentals for most of our Core Growth holdings remain strong. We exited two positions in this space, which included GDS Holdings Limited. GDS, a Chinese data center, suffered from increased oversight and regulation from the Chinese government. While we still appreciate the long-term prospects for both businesses, we believe the current environment for both is difficult and uncertain.”

2. DISH Network Corporation (NASDAQ:DISH)

Number of Hedge Fund Holders: 35

YTD Share Price Decline as of July 30: 44.75%

DISH Network Corporation (NASDAQ:DISH) offers pay-TV services within the United States. The company has two main segments – Pay-TV and Wireless. DISH Network Corporation (NASDAQ:DISH) ranks 2nd on our list of the worst performing NASDAQ stocks in 2023 based on year-to-date share price decline. On May 8, DISH Network Corporation (NASDAQ:DISH) reported a Q1 GAAP EPS of $0.35 and a revenue of $3.96 billion, falling short of Wall Street estimates by $0.04 and $100 million, respectively. In the first quarter of 2023, Pay-TVNet experienced a decrease of approximately 552,000 subscribers, which was higher than the decline of about 462,000 subscribers in the prior-year quarter.

According to Insider Monkey’s first quarter database, 35 hedge funds were bullish on DISH Network Corporation (NASDAQ:DISH), compared to 37 funds in the prior quarter. Boykin Curry’s Eagle Capital Management is the largest stakeholder of the company, with approximately 15 million shares worth $139.6 million. 

ClearBridge Large Cap Value Strategy made the following comment about DISH Network Corporation (NASDAQ:DISH) in its first quarter 2023 investor letter:

“DISH Network Corporation (NASDAQ:DISH) was lower for more idiosyncratic reasons. The pay-TV provider, with unique potential to become a viable fourth wireless carrier, continues to face challenges executing its wireless buildout in a higher rate environment where a leveraged balance sheet is a liability. We believe there is still value to be captured for Dish, but it is clearly taking longer to realize, and we are monitoring the stock closely.”

1. NovoCure Limited (NASDAQ:NVCR)

Number of Hedge Fund Holders: 19

YTD Share Price Decline as of July 30: 50.96%

NovoCure Limited (NASDAQ:NVCR) is an oncology company that focuses on developing, manufacturing, and selling tumor treating fields (TTFields) devices. These devices are used to treat solid tumor cancers in the United States, Europe, the Middle East, Africa, Japan, and China. Based on year-to-date share performance as of July 30, NovoCure Limited (NASDAQ:NVCR) is one of the worst performing NASDAQ stocks this year. 

On July 27, NovoCure Limited (NASDAQ:NVCR) reported a Q2 GAAP loss per share of -$0.54, missing market estimates by $0.04. The revenue dropped 10.5% year-over-year to $126.05 million, outperforming analysts’ expectations by $1.8 million. 

According to Insider Monkey’s first quarter database, 19 hedge funds were bullish on NovoCure Limited (NASDAQ:NVCR), compared to 17 funds in the prior quarter. Dmitry Balyasny’s Balyasny Asset Management is the leading stakeholder of the company, with 358,029 shares worth $21.5 million. 

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Disclosure: None. 15 Worst Performing NASDAQ Stocks In 2023 is originally published on Insider Monkey.